Low-overhead, robust, and fast-convergent time synchronization is important for resource-constrained large-scale industrial wireless sensor networks (IWSNs). The consensus-based time synchronization method with strong robustness has been paid more attention in wireless sensor networks. However, high communication overhead and slow convergence speed are inherent drawbacks for consensus time synchronization due to inefficient frequent iterations. In this paper, a novel time synchronization algorithm for IWSNs with a mesh–star architecture is proposed, namely, fast and low-overhead time synchronization (FLTS). The proposed FLTS divides the synchronization phase into two layers: mesh layer and star layer. A few resourceful routing nodes in the upper mesh layer undertake the low-efficiency average iteration, and the massive low-power sensing nodes in the star layer synchronize with the mesh layer in a passive monitoring manner. Therefore, a faster convergence and lower communication overhead time synchronization is achieved. The theoretical analysis and simulation results demonstrate the efficiency of the proposed algorithm in comparison with the state-of-the-art algorithms, i.e., ATS, GTSP, and CCTS.